StanChart expects lower revenue growth for 2012

FionaLaw

HONG KONG--Standard Chartered PLC (STAN.LN) said Thursday that it expects to report lower revenue growth for 2012, weighed by weaker Asian currencies against the U.S. dollar.

The U.K.-based bank, which focuses on emerging markets, also said it will likely pay roughly $330 million in fines to settle with U.S. authorities over transactions with Iranian clients that may have violated U.S. sanctions.

"We anticipate that these discussions will conclude very shortly," the lender said in a statement.

In the July-September period, the bank was fined $340 million by New York's Department of Financial Services for allegedly breaking U.S. money-laundering laws in handling transactions for Iranian customers.

Chief Executive Peter Sands said in the statement that the bank was on track to deliver "strong results", with high-single-digit revenue growth, driven by continued strength in key markets such as Africa, the Americas, U.K. and Europe, Malaysia, China and Indonesia.

The lender earns more than 90% of its profit from Asia, Africa and the Middle East, but reports its results in U.S. dollar terms.

It has shown slower growth momentum since the third quarter due to slower Asian growth and the U.S. dollar's strength against Asian currencies.

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